[Guide] Opening a bank account in Georgia

Why not both?

Transferwise doesn’t support Armenian banks, for me that matters.

You are free to do both. Have you tried N26?

I didn’t because I’m not a resident of EU. The only country I could go to obtain N26 is Cypris. However, when I’m there, I’ll need to obtain a proof of my temporary address. As a tourist. That’ll be challenging, I’ve heard that in Cypris they all like cash and don’t like any kinds of documents and even an owner of a house/AirBnB will often refuse to issue any document to his guest. Right?

You don’t need to live in the EU, just check your passport requirement on their website and use a mail forwarding service in England for example. They will contact you via video call and look at you and your passport.

The debit card will then be forwarded to any country in the world you want

If you are looking for a simple bank account and don’t plan on depositing up to $10,000 you don’t need to get a business visa. Just use any good bank in Cambodia. Opening deposit will be between $10 - $500

Ok, thx

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Wait. The last time 1-2 banks in Cambodia didn’t open me an account on tourist 1-month tourist visa. They wanted at least 6-month visa if I remember correctly. Or 1-year one. That is, I’d have to obtain 1-year visa which is a business visa. Otherwise, what other type of visa can I obtain to be able to open an account?

Canadia bank requires your passport and a minimum of $10 to open an account while Cathay United Bank requires your passport, $500 on a current and $30 on a savings account. Neither ask for your visa or status.

I went there in July 2018. You?

I have not been there yet. Get my info from expats who live and work there

Sounds like I will have to try Cambodia on my next visit!
Do they offer accounts for foreign incorporated companies as well or is this just for individuals?

I don’t know, never asked but I don’t think it should be an issue

In Georgia a bank charges you 3% on every money withdrawal from an ATM when abroad.
For $1000 withdrawal I’d pay $30 of a commision! That’s a rip off, isn’t it?
Is there a way around?

Which bank in Georgia is better for withdrwals abroad?

I’ve found out that I have to be a EU resident, permanent or temporary, to obtain the card. Even if I don’t live in EU. And I’m not.

I opened personal bank account and business bank account in Georgia without actually going there physically. There are not many people who provide such services in a reasonable prices. I tried law firms but they are terribly overpriced. Then a friend of mine suggested M Legal Solutions (https://www.mlegalsolutions.com/) and it was a real deal. Prices were as low as 99$ for personal bank account opening. I got my internet bank and card within a week.

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Great news! Are you able to share which bank that was with and how you are finding the experience so far?

Lovin’ it!

Few months ago, I opened my personal bank account at TBC Bank remotely without going to Georgia. I was the first-time client, I never had any bank account in Georgia before. TBC is super modern and easy in terms of services. Fees are low. Cash withdrawal fee from international ATM is 0.40%; For international transfers I pay USD 9,9 per transfer. Also opened term deposit – gaining 4% annually. Annual Fee for the card is $60.

A friend of mine suggested to contact Nina, founder of M Legal Solutions. She is very smart and helpful, understands banking well. Expecting that I had to submit a bulk of documents at TBC Bank I was surprisingly shocked when I was asked to prepare only two documents: passport copy and power of attorney in order to open bank account. This took me around 3-4 days to prepare because documents must be certified by notary and later on apostille, otherwise it’s not valid in Georgia. I sent her hardcopies and she applied for bank account and debit card. Within 24 hours, I received a call from TBC Bank they confirmed bank account opening for me. I received my PIN code and username/password for internet banking directly from TBC Bank. Basically, she only prepared and signed applications, took my debit card and send it to my address by DHL. She did not touch any confidential information related to my bank account.

I’m pretty happy with my banking decision. Even planning to explore more of Georgia and probably even gaining temporary residence permit, so that I can save up my taxes a bit.

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Does anybody know any bank in any country where you could simply walk in with 60k-90k cash, open an account, and be asked no questions? And of course non-CRS. Thanks!

@Tuatini
can you explain how the KYC went (what documents did you needed) and how long (number of days) this process took? Big thx.

I also have a TBC Status account but never had a KYC process there (also not using this account that much).

They didn’t ask for anything but my passport, I even felt I needed to tell them how I earn my money so I did lol.
As for the process it literally takes 30min or an hour, just the time of walking into the bank and opening the account. When you walk outside your account is ready.
Don’t do the same mistake I did which is not opening a status account from the very start (it has quite a few advantages such as reduced fees and higher interest rates). I figured I would do that remotely as they told me I could, turns out I needed to be physically present in one of their branches…